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SQM, the world’s No. 2 lithium producer, is plowing ahead with expansions in an oversupplied market, building stockpiles of the battery metal to be ready when purchasing rebounds.
But as some suppliers rein in spending and output, low-cost SQM continues to run at full tilt. An expansion in Chile has pushed up its lithium carbonate capacity to 210,000 metric tons, with annual company-wide production set to come in at 220,000 tons to 230,000 tons. That would result in stockpiling of less than 50,000 tons, executives said on a call with analysts Thursday.
Over the next decade, lithium demand probably will grow fourfold, with the supply response contingent on higher prices, Gonzalo Gil, SQM’s head of lithium market intelligence, said on the call. He was responding to questions from CEO Ramos in a bid to dispel concerns about the pace of EV growth.SQM continues to work on a definitive deal with Codelco over a new operating arrangement under Chile’s new public-private participation model.
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